Restructuring: Santa Giulia remains at a standstill; share price plummets by 46.7 per cent and alarm bells ring over the accounts
The sale of the major regeneration project in the south of Milan has not yet been finalised, and this is weighing on the company’s accounts. The scenarios and the parties interested in getting involved
Key points
The sale of Santa Giulia has not been finalised, and this puts Risanamento’s stability at risk. The board of directors – which met on Wednesday 15 October – examined the preliminary accounts, which reveal ‘a deterioration in the already critical financial position’, according to a statement. The board has given instructions to undertake, as a matter of the utmost urgency, all necessary actions to take the measures required by law by 28 October, when it will meet again. In short, the deadline is at the end of the month.
The share price – which has been on a rollercoaster ride – also closed on Friday 16 October down 46.75 per cent (at €0.018), following several months of surprising gains during which, up until the announcement, it had recorded a six-month rise of 44 per cent. These rises were in all likelihood linked to the announcement, in early summer, of the imminent conclusion of the agreement for the sale of the Santa Giulia site in Milan, between Lendlease and Bizzi & Partners spa.
The difficulties and the missing budgets
Risanamento’s financial difficulties are well known. The latest financial statements filed relate to the first nine months of 2025, and the available figures are for those nine months, which ended with a loss of 5.9 million (2024 ended with a loss of 47.45 million) and a negative consolidated equity of 0.8 million (it was positive at 5.2 million in 2024, compared with 52.6 million in 2023), whilst the net financial position – which benefited from the sale of the property on Via Grosio – stood at 27.9 million.
Consob had, for some time, placed the share on the so-called “black list”, with monthly monitoring of the net financial position, which was gradually declining: below 12 million by September 2026. Three factors in particular are weighing on the accounts of the company, led by Claudio Calabi: the losses in 2020, amounting to 32.75 million; the continued delay in the restructuring of the MSG Heartbeat fund, to which the major Milan Santa Giulia project is linked; and the lack of capital strengthening.
Deadline: 18 December
To understand the situation, we need to go back to 2023, when Risanamento – which had launched the project – sold the land to Lendlease’s Msg Heartbeat fund, whilst retaining responsibility for the site remediation. As part of its strategy to reduce its exposure outside its home market, in June the Australian group signed an agreement to sell its shares to a vehicle led by Bizzi & Partners, in a deal worth around 154 million.
